America's Most Advisor-Friendly Trust Companies 2024 - 15

2024 AMERICA'S MOST ADVISOR-FRIENDLY TRUST COMPANIES
Advisors seeking a trust company for
a directed trust that does not contain
discretionary provisions can focus on
the easy questions:
* Is a dedicated trust officer
responsible for each account?
* How are income or principal
requests handled?
* What are the turnaround times and
payment methods?
* How are communications with the
beneficiary handled?
* How quickly can the trust company
respond to document review,
interpretation and explanation
requests from a client or financial
advisor?
When trustee discretion is an issue,
the process of finding the right fit can
become more difficult and chemistry
becomes more important.
WHAT OTHER ADVISORS ARE
LOOKING FOR
The Wealth Advisor's audience
includes some of the highest-powered
professionals in the industry.
Not surprisingly, most of you want
to open up your business to support
trusts for very simple reasons: A
wider offering makes it easier to
court new clients, encourage existing
relationships to trust you with more
of their assets and generate more
revenue on every dollar of AUM on
your platform.
A full 82% of our readers say finding a
trust company they can recommend
to their best clients has translated into
new relationships, enhanced account
retention or both. That's it. It's a pure
business decision and the numbers
speak for themselves.
In terms of picking a trust services
provider that can help you achieve
those goals, you are all about
testimonials. A reader survey we
conducted revealed that 80% of you
say reputation and length of time
in business are the most important
factors in picking a partner. Just about
half as many-43%-are looking for
the lowest-priced solution.
What does this mean? Advisors look
for testimonials and case studies to
prove that a potential partner can back
up its claims.
Once you make the calls, you'll have a
much better idea of a trust company's
standing in the industry and whether
it would be a good fit for your clients.
If that side of the company passes
muster, you've determined that even a
tiny boutique vendor may be worth a
few basis points more.
NOT ALL STATES ARE
CREATED EQUAL
You need to find a trust company
partner that can work with your clients
wherever they live. However, anyone
from any state can set up a trust in
any jurisdiction, so no advisor should
feel constrained by what's available at
home. Recent trends have led wealthy
families and individuals to seek out the
most favorable environments for their
WHICH TRUSTS MAKE SENSE?
SUGGEST THIS
TRUST TYPE...
ASSET PROTECTION
DYNASTY
CRT
SPENDTHRIFT
QTIP
GRAT
GST
ILIT
CRUMMEY
SPECIAL NEEDS
...FOR THIS
PLANNING NEED
reduce vulnerability to legal
and creditor claims
provide truly long-term
succession
generate current income and a
charitable bequest later
prevent heirs from
direct access to funds
gives surviving spouse support
before children inherit
provides grantor with
income from assets
avoid triggering
generation-skipping tax
hold life insurance to pay
estate tax or other liabilities
preserve lifetime
gift tax exclusion
provide support for a disabled
relative or loved one
15
America's Most Advisor-Friendly Trust Companies 2024

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